U.S. Government Designates 31 Tech Hubs to Bolster Innovation and Economic Development

The U.S. Economic Development Administration recently mapped out a new technology landscape, designating 31 tech hubs across 32 states and Puerto Rico. These hotbeds of innovation are expected to turbocharge regional growth in industries ranging from quantum computing to clean energy.

Read the full article.

Check out the complete list of hubs on the EDA's website.

About the authors:
Stephanie Yarbrough
Allison Mayer

Transcript

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Two weeks ago, the U.S. Economic Development Administration within the U.S. Department of Commerce announced the designation of 31 technology hubs. These hubs span 32 states and Puerto Rico, with the goal of driving technology and innovation-based economic development efforts through strategic investments by the U.S. government. 

Authorized through the 2022 CHIPS and Science Act and funded by a $500 million Congressional appropriation to launch the program, Tech Hubs represents the latest in a series of place-based competitive programs rolled out by U.S. agencies, including the Build Back Better Challenge and the recently announced Hydrogen Hubs, a topic we covered on this podcast a few weeks back. 

The 31 Tech Hubs announced this week aim to foster regional growth in a number of target industries, including quantum computing, clean energy, life sciences, autonomous systems, semiconductors and more. The 31 designations were selected from nearly 400 applications received by EDA.

Locations selected as Tech Hubs include: 

The Advanced Pharmaceutical Manufacturing Tech Hub in the greater Richmond area of Virginia, seeking to increase domestically produced vital pharmaceuticals; The Baltimore Tech Hub, focusing on predictive healthcare technologies; The SC Nexus for Advanced Resilient Energy, serving the states of South Carolina and Georgia through the development of exportable electricity technologies and leveraging the area’s manufacturing base; Gulf Louisiana Offshore Wind Propeller, focusing on the energy transition and renewables; and The Texoma Semiconductor Tech Hub, serving Texas and Oklahoma through the semiconductor supply chain. 

The designated hubs will be eligible to compete for $500 million in implementation funding in the program’s next phase, receive technical assistance through various federal agencies, and have a dedicated presence at the 2024 SelectUSA Investment Summit to attract foreign-direct investment opportunities. According to EDA guidance, implementation funding may be used to construct facilities or support infrastructure for businesses, making this a powerful tool for business attraction. The CHIPS and Science Act authorized $10 billion over a five-year period for the program.

Additionally, EDA awarded 29 strategy development grants to regional consortia to further develop their innovation-based economic development plans. A full list of selected Tech Hubs is available on the EDA’s website. You can find the URL in the show notes.

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